OPENING A BANK ACCOUNT IN THE UAE

Opening a bank account in the UAE: procedure and benefits for Ukrainians

The UAE is in demand among entrepreneurs, this is due to certain circumstances, including preferential tax rates for companies, resistance to financial and political crises, the presence of its own currency that does not depend on others. However, accounts can be opened in other currencies. The advantages include the presence of online banking, which is quite important now, and the absence of any currency restrictions. In addition, the simplicity of banking account maintenance.

Opening an account in the UAE bank provides the following opportunities:

• Internet banking
• A wide system of local banks and branches of foreign banks
• Confidentiality of transactions
• Low cost of servicing accounts
• Absence of any currency restrictions
• Absence of limits on input and withdrawal of funds

What documents are required to open an account in UAE banks:

• Documents for opening a personal account:

1. A copy of the person’s passport (must have a UAE border crossing mark)
2. Current account statement, if the person already has an open account
3. Completed application form issued by the bank
4. A certified power of attorney if the actions are performed by a representative

• Documents for opening a corporate account:

1. Documents on the registration of the company (in addition, documents related to the activities of such a company, what it does, the main areas of activity, founding documents, proof of the reality of doing business may be required)
2. Evidence of a place of business – submission of a utility bill (for the last 3 months)
3. Certified power of attorney, if documents are submitted by a representative
4. A certified copy of the company owner’s passport
5. Completed application form issued by the bank

The best bank to open an account in the UAE (simplified procedure and service charges)

• Mashreq Bank
• National bank of Fujairah
• Emirates NBD PJSC
• NOOR bank
• Emirates Islamic Bank
• RAKBANK

What account can be opened?

Depending on your needs, you can open an account:

• on behalf of an individual;
• to a legal entity located in the SEZ;
• to a limited liability partnership;
• to an offshore or offshore company.

What is the deadline for opening a bank account?

From 2 weeks to 1 month

Importantly! Most banks set a minimum deposit amount for a bank account.

Is it possible to open an account online?

You have to open an account in person, but then you can carry out all activities and banking operations through Internet banking.

Assistance in opening a bank account in the UAE

Opening and maintaining an account in the UAE bank is one of the main activities of our lawyers and economists. Sign up for a consultation and see for yourself the professionalism.

Importantly! On the websites of many banks, there are hotlines that you can call and find out all the information yourself, but you may encounter the problem of not understanding the German language, or not fully understanding German banking terminology, which can lead to problems in the future. That is why we recommend making an appointment with our lawyers before contacting the banks.